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- W3124738454 abstract "This study investigates the impact of firm-specific discount factors on merger formation and market performance. We estimate firm-specific discount factors for 228 publicly traded and privately held firms operating in the semiconductor market and apply a heterogeneous treatment effects model which accounts for firms’ endogenous selection into mergers, as well as the heterogeneous impact of mergers on the product market. Our study provides evidence that firms’ discount factors explain merger formation and the impact on product market performance. More specifically, we find that acquiring firms characterized by high discount factors (patient firms) merge with efficient and innovative target firms, and achieve high efficiency gains. In contrast, acquiring firms characterized by low discount factors (impatient firms) merge with less innovative target firms, and achieve higher market power effects." @default.
- W3124738454 created "2021-02-01" @default.
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- W3124738454 date "2015-01-01" @default.
- W3124738454 modified "2023-09-25" @default.
- W3124738454 title "Driven by the Discount Factor: Impact of Mergers on Market Performance in the Semiconductor Industry" @default.
- W3124738454 doi "https://doi.org/10.2139/ssrn.2562256" @default.
- W3124738454 hasPublicationYear "2015" @default.
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